Aviva Equity Release Jan 2022

Aviva Lifetime Mortgage Review

Contributors: Nicola Date, Katherine Read. Edited by Rachel Wait & Reviewed by Francis Hui

Are You Considering Aviva Equity Release? What are the Pros & Cons? What are the Costs? Discover If Aviva Lifetime Mortgage Schemes are for You.

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Aviva Equity Release

Are you looking to release the money tied into your home, but you don’t know where to begin? One of the first steps to releasing equity is identifying the potential top lenders to service your needs.

As the winner of best equity release lender for 7 years in a row, could Aviva be the provider you’ve been looking for?

We’ll help you discover:

  • The history of Aviva and who they are as a brand.
  • What Aviva offers.
  • The pros and cons of Aviva.

In addition, you can scroll through the Aviva plans list for comprehensive information on all their offers.

Our team has researched over 220 plans to provide the most accurate and up-to-date information on equity release lenders in Jan 2022. Here’s what we discovered about Aviva.

What Is Equity Release?

Equity release is a financial product that allows UK-based homeowners over 55 to unlock the cash tied into their primary residence. Furthermore, these plans allow the homeowners to remain living on the property for the rest of their lives.

How Does Equity Release Work?

Equity release works by the bank releasing tax-free cash to the homeowner, with the property as collateral against the loan. While you can repay up to 10% of the equity and the monthly interest, you can allow the interest to compound, and the full amount is settled from the sale of your home when you die or move to long-term care. As such, no affordability checks are required.

Learn more: What is Equity Release & How Does it Work?

What Are the Most Popular Equity Release Products?

The 2 main types of equity release available in Jan 2022 are a lifetime mortgage and a home reversion scheme. The lifetime mortgage is vastly more popular, but the home reversion also has its merits.

The plan you select will be subject to your circumstances and council provided by a financial advisor. We advise on a whole market financial advisor as they have access to the entire equity release market.

Here’s more information on each main type of equity release:

What is a Lifetime Mortgage?

A lifetime mortgage is the most commonly used equity release loan that allows you to unlock the cash tied into your property while still retaining 100% ownership of the estate. You can live in your home for the rest of your life, and the loan and compound interest are settled when you pass away or move to a care home. You can unlock the cash in a lump sum, a lump sum with a drawdown, or a monthly salary, with a drawdown being the most popular option.

Discover: What is a Lifetime Mortgage?

What is a Home Reversion Scheme?

A home reversion plan is the second most popular type of equity release. It allows the homeowner to sell all or a portion of their estate under market value in exchange for tax-free cash. The homeowners can stay in their property, rent-free, for the rest of their lives. When the last homeowner dies, the property is sold, and the lender will take their portion of the estate, benefiting from rising property prices. If there is remaining equity, that will be distributed amongst the heirs.

Full article: What is a Home Reversion Scheme?

The Most Popular Equity Release Uses in Jan 2022

You can use Aviva equity release in any way you wish, including to:

  • Pay of your remaining mortgage or other debts.
  • Supplement your retirement income.
  • Give your children an early inheritance.
  • Renovate your home.

Here are more ideas: The Most Popular Equity Release Uses in Jan 2022

Are You Looking for the Aviva Equity Release Calculator?

Well, look no further!

Try our FREE equity release calculator now to discover the maximum amount of equity that could be tied into your home.

*Note that you will need to provide an estimated property value, but an accurate quote is subject to a professional property valuation arranged through Aviva.

Who Are Aviva?

Aviva is a global insurance firm operating in 16 countries. They are British-based with headquarters in London, and they look after over 33 million clients.1

Not only are they one of the biggest general insurers in the United Kingdom, but they are also one of the leading life insurance and pensions providers 2 in the country. Their insurance services include car, home, life, and health.

Furthermore, Aviva offers an array of investment opportunities and focuses on pension plans and mortgage options for older borrowers.

As one of the oldest insurers in the industry, you can rest assured that your financial needs are in good hands. Their equity solutions are award-winning, and they’ve already helped over 200 000 clients with this retirement option, disbursing over £7 billion since 1998.

Aviva’s speciality services include:

  • Inheritance guarantee
  • Voluntary partial repayments
  • Enhanced borrowing for certain medical conditions
  • Downsizing protection
  • Relaxed lending

Why Choose an Equity Release Product with Aviva?

You should consider releasing equity through Aviva because they are one of the leading financial providers in the UK, with their equity release products as notorious as their insurance offerings. They are the winner of numerous equity release awards, and are continuously building a sound reputation in the UK.

With Aviva, you know that you are getting a legitimate lender that is a member of the equity release council, is authorised by the Financial Conduct Authority (FCA), and is on the Financial Conduct Register.

What are the Pros & Cons of Aviva Equity Release?

The main benefit of equity release with Aviva is that they are an award-winning provider. The main disadvantage of equity release with Aviva is that your interest can compound quickly, a common pitfall of equity release.

More: What Are the Pros & Cons of Equity Release?

Aviva Equity Release Pros

  • They offer award-winning equity release products.
  • Aviva is a proud member of the Equity Release Council.
  • They are an established, leading financial institution.
  • Aviva offers lifetime mortgages, so you’ll retain full property ownership.
  • Their interest rates are tailored to the individual or couple.
  • You can get a plan with inheritance protection.

Aviva Equity Release Cons

  • Your family’s inheritance will be reduced.
  • Equity release is an irreversible, life-long commitment.
  • Interest can compound quickly, especially if you qualify for a higher rate.
  • It might impact your tax and welfare benefits.

Equity Release Products by Aviva

Aviva offers lifetime mortgages with a cash reserve or a once-off lump sum option. To qualify for one of their lifetime mortgage packages, you must be at least 55 and want to borrow a minimum of £15,000. Finally, your home must be in the UK, excluding the Isle of Man and the Channel Islands.

How Do I Know if Aviva Is Right for Me?

You’ll know that Aviva is right for you if they’re recommended by a whole market financial adviser. If you think that Aviva could be your ideal plan provider, get in touch with your financial adviser, who will talk you through all your options, and equity release alternatives.

In Conclusion

Before making your ultimate choice, be sure to consider all the top equity release plan providers and discuss them with your trusted loved ones. While equity release is a massive commitment, it could be life-changing if it’s done correctly. Perhaps Aviva is the provider you’ve been looking for?

Is Aviva Not What You’ve Been Looking For?

Take a look at our comprehensive list of equity release companies available on the market to see if there’s something better suited to your needs.

How Much Can You Release?

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Equity Release Calculator

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Editorial Note: This content has been independently collected by the EveryInvestor advisor team and is offered on a non-advised basis. EveryInvestor may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.
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Written by
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Jason Stubbs Is a Specialist in the Equity Release Sector. He Enjoys Helping Older People Who Are Struggling Financially Get Out From Under Financial Pressure.

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Rachel Wait
Personal Finance Journalist

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.

Reviewed by
Francis Hui
Senior Risk Manager

Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
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Katherine Read
Consumer Affairs Writer

She writes on the topics of equity release, home reversion, and mortgages.

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Nicola Date
Writer & Journalist

Nicola is a financial writer for EveryInvestor and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.